The asset involved in this transaction is a development site located at 277-301 West Side Avenue in Jersey City. The total square footage of the site is 213,282, designed for the development of a multifamily project comprising 202 units. The project includes 5,800 square feet dedicated to retail space and offers 100 parking spaces as well as amenities such as a fitness center, pool, and sauna. Additionally, 10% of the units will be designated as affordable housing.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $35,000,000
• Lender: Ilana Druyan - Bank Hapoalim (BHI)
• Landlord: Yuval Shram - Tay Investments
• Loan Type: Construction

Ilana Druyan represents Bank Hapoalim in providing the construction loan, while Yuval Shram represents Tay Investments, which is undertaking the development project. The transaction is part of a larger initiative to enhance residential options in Jersey City, contributing to the urban growth of the area.